Family Investments’ membership leaps 50%
Family Investments today reported its membership grew to 1.59 million in 2009, a growth of 53%, as it released its latest annual results.
Total assets under management at the friendly society, the trusted supplier of financial solutions for the family, rose 38 per cent to £2.3 billion up from £1.7 billion at the start of the year.
Family Investments has grown considerably in recent years. In July 2009 Family became the first Child Trust Fund (CTF) provider to reach the landmark of 1 million CTF accounts, cementing the company's position as the largest CTF provider in the UK. 2009 also saw the Brighton based business take on the CTF back-books of both LV= and Abbey (now Santander).
Family has seen additional growth through a diversification of its product base, most notably from its partnership to supply the Post Office with ISA products. The partnership, which began in late in 2008, is part of the company's plan to extend its product offering to families.
The 2009 period saw double digit returns on the majority of Family's investment-based products as markets rebounded from a turbulent year in 2008.
John Reeve, Chief Executive of Family Investments says: "We are very pleased with the business performance in 2009 and particularly the growth in membership. Our membership has now doubled since 2006 which is a tremendous achievement in such adverse economic conditions.
"The CTF is a core part of our business so the opening of our one millionth account in July was a significant milestone. Our oldest CTF customers turn 8 this year. The CTF scheme has been a great success and we believe that it will significantly improve the financial literacy and prospects of the upcoming generation. It would be a great pity if any changes were made to the scheme which would damage those prospects.
"Our strength in the CTF market, as well as our successful ISA partnership with the Post Office, has provided us with a strong foundation to grow the rest of our business. Our aim is to build on our trusted reputation with families and provide a range of financial solutions specific to their needs. The most recent has been the launch of an Over 50's Life Cover product. We are planning a number of further initiatives for 2010 and look forward to another successful year ahead."